Industrial AI Solutions Startup MakinaRocks Raises $10M in Series A
Hyundai Motors, LG, Applied Ventures participate in Series A
MakinaRocks, an industrial AI solutions startup aiming to revolutionize the world of manufacturing, announced that it has successfully raised $10 millionin Series A funding from prestigious global investors.
MakinaRocks, based in Seoul and Silicon Valley, specializes in industrial AI with a primary focus on providing intelligent control for anomaly detection in manufacturing equipment and improved product quality. The Series A participants include strategic investors LG Technology Ventures, Hyundai Motors and Applied Ventures, LLC, and financial investors Korea Development Bank, Daesung Venture Capital, Shinhan Investment Corporation, and HB Investment.
In its 2018 seed-round funding, MakinaRocks was successful in securing some of the leading Korean conglomerates, SK Telecom, Hyundai Motors, and Naver, as investors.
“Our innovative technology tailored to solve complex manufacturing challenges enables our customers to grow and compete globally,” remarked Andre Yoon and Jaehyuk Lee, Co-CEOs of MakinaRocks. “The unique potential of MakinaRocks has attracted some of the largest companies to invest in us.”
“We believe artificial intelligence and machine learning will transform the way semiconductor, display, and other high-end factories operate, redefining the concept for manufacturing including process optimization and maintenance,” noted Anand Kamannavar, Global Head of Applied Ventures. “Through this investment in MakinaRocks, we are excited to help accelerate the adoption of Industry 4.0 technologies for multiple industries. Applied Ventures will continue looking for innovative start-ups globally in the areas of AI and machine learning as part of our strategy to invest across the Materials to Systems™ ecosystem.”
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MakinaRocks has collaborated with major corporations in various industries to apply its solution to a wide range of production lines. The results have shown overall improvement and increased efficiency of operation rate and quality by predicting equipment failure and anomalies while streamlining production processes through intelligent control.
MakinaRocks expects to use the funds to expand the company’s portfolio and develop a Software as a Service (SaaS) platform built on the existing on-premise solutions to secure domestic and international customers. The company is actively hiring skilled individuals in data analysis, AI development, and business development.